Subject: INTRODUCTION TO MANAGEMENT ACCOUNTING

Search 500 + past questions and counting.

ICMA – Nov 2024 – L1 – Q5b – Budgeting Models and Systems

Explain the benefits of GIFMIS to the government of Ghana.

Question

Efforts to improve Public Financial Management (PFM) Systems in Ghana led to the Ghana Integrated Financial Management Information System (GIFMIS), which is an adaptation of the Integrated Financial Management Information System (IFMIS). The rationale of GIFMIS is to establish an integrated ICT-based PFM system in Ghana at national, regional, and district levels.

Required:

State FOUR benefits of GIFMIS to the government of Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budgeting, Financial Reporting, Fiscal Policy, GIFMIS, Government Accounting, Public Financial Management
Level: Level 1

Topic: Budgeting Models and Systems
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q5a – Cost Segregation and Estimation

Determine fixed and variable cost components using regression analysis and estimate total cost for a given production level.

Question

Ebo LTD is planning to determine its variable and fixed cost elements for its planned activity level for the next year. The company has recorded the following costs and production units in the past six months:

Month	Units (X)	Cost (Y)
January	5.8	40.3
February	7.7	47.1
March	8.2	48.7
April	6.1	40.6
May	6.5	44.5
June	7.5	47.1

Required:

i) Construct the least square regression model.
ii) Determine the variable cost per unit of output using the model.
iii) Determine the fixed cost for the month using the model.
iv) Estimate the total cost if the company plans to produce 6,200 units.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Estimation, Fixed Cost, Least Squares Method, Regression Analysis, Variable Cost
Level: Level 1

Topic: Cost Segregation and Estimation
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q4b – Day-Rate Incentive Scheme Calculation

Calculates the cost per unit for both low and high day-rate incentive schemes.

Question

Amanda LTD – Day-Rate Incentive Scheme
Amanda LTD is a manufacturing company and its management is considering the introduction of a high day-rate incentive scheme. During one of such production periods, record shows that, if an employee makes 100 units in a 40-hour week, the employee is paid GH¢2 per hour, but if 120 units are made, the employee is paid GH¢2.50 per hour. Production overhead is added to cost at the rate of GH¢2 per direct labour hour.

Required:
i) What is the cost per unit for the low day-rate scheme?
ii) What is the cost per unit for the high day-rate scheme?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Calculation, Day Rate Scheme, Incentive Scheme
Level: Level 1

Topic: Marginal Costing and Absorption Costing
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q4a – Apportionment of Overheads

Apportion overhead costs across departments based on the most appropriate bases.

Question

: Apportionment of Overheads
The following expenses were estimated for the month of June 2024:

Item	GH¢
Electricity	80,000
Rent	18,000
Property rate	6,000
Insurance premium (office equipment)	15,000
Internet and communication	25,000
Indirect wages	60,000

There are three departments: A, B, and C. The following additional information has been provided:

Department	Area occupied (sq. metres)	Number of customers	Number of employees	Value of office equipment (GH¢)
A	300	700	120	50,000
B	450	600	150	40,000
C	250	500	130	60,000

Required:
Apportion the above overheads using the most appropriate base and determine the total overhead for each department.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Allocation, Departmental Costs, Overhead Apportionment
Level: Level 1

Topic: Cost Segregation and Estimation
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q3d – Fixed Overhead Volume Variance

Explains the concept of fixed overhead volume variance and lists potential causes for such variances.

Question

Fixed Overhead Volume Variance
Fixed overhead volume variance (FOVV) measures the difference between the actual fixed overheads incurred and the fixed overheads that should have been incurred at the actual level of activity.

Required:
Explain fixed overhead volume variance and TWO possible causes of such variances.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Control, Fixed Overhead, Volume Variance
Level: Level 1

Topic: Standard Costing and Variance Analysis
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q3c – Material and Labour Variances

Calculates material and labour variances based on given actual and standard cost data.

Question

Material and Labour Variances
The data below relates to Agbamame Enterprise for its flagship product, “Herb of Life”:

Standard Cost Card – Per Unit of Herb of Life

Description	Cost (GH¢)
Direct materials	5 kg at GH¢4 per kg = GH¢20
Direct labour	4 hours at GH¢15 per DLH = GH¢60
Variable overhead	4 hours at GH¢20 per DLH = GH¢80
Fixed overhead	GH¢50 per unit

Budgeted production: 600 units
Actual sales and production: 550 units

Actual cost of:

Actual Costs	Cost (GH¢)
Labour (1650 hours)	16,500
Materials (1650 kg)	5,775
Fixed overhead	15,000
Variable overhead	13,275

Data shows that 5% of labour hours paid for was idle, and 10% of materials bought was in stock at the end of the period.

Required:
i) Calculate the material variances.
ii) Calculate the labour variances.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Labour Variance, Material Variance, Standard Costing, Variance Analysis
Level: Level 1

Topic: Standard Costing and Variance Analysis
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q3b – Relevant Cost Concepts

Explains two key concepts of relevant cost used in decision-making.

Question

Relevant Cost
Relevant cost should be used for assessing the economic and financial consequences of any decision made by management. Only relevant cost and benefits should be taken into consideration when evaluating the financial consequences of a decision.

Required:
Explain TWO key concepts of relevant cost.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Costs, Financial Decision-Making, Management Accounting, Relevant Cost
Level: Level 1

Topic: Relevant Cost and Revenue
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

Question

Value for Money (VFM)
Value for Money (VFM) is an objective that can be applied to any organization whose main objective is non-financial but has restrictions on the amount of finance available for spending, which the public sector is no exception.

Required:
Explain the components of VFM.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economy, Effectiveness, Efficiency, Public Sector, Value for Money
Level: Level 1

Topic: Cost-Volume-Profit (CVP) Analysis
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q2c – Government Budgeting Challenges

Identifies and explains the challenges or limitations in government budgeting.

Question

Challenges in Government Budgeting
Budgeting in the public sector relates to a process of translating government plans and policies into financial terms by systemically relating cost to attaining the objectives of government plans and policies. As important as this process is, there are some challenges and limitations associated with government budgeting.

Required:
State FOUR challenges (limitations) of government budgeting.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budgeting Challenges, Financial planning, Government Budgeting, Public Sector
Level: Level 1

Topic: Budgeting Models and Systems
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q2b – Working Capital

Calculates total amount held in working capital excluding cash and equivalents.

Question

Working Capital Calculation
A company has annual sales revenues of GH¢45 million and the following working capital periods:

Working Capital Item	Period (months)
Inventory conversion period	2.5
Accounts receivable collection period	2.0
Accounts payable payment period	1.5

Production costs are 70% of sales revenue.

Required:
Calculate the total amount held in working capital excluding cash and cash equivalents.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounts Payable, Accounts Receivable, Budgeting, Costing, Inventory
Level: Level 1

Topic: Budgeting, Cost and Cost Behaviour
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q2a – Cash Collection and Payment

Calculates cash collected from debtors and payments made to creditors.

Question

Cash Collected from Debtors and Payments to Creditors
The following balances have been extracted from the Statement of Financial Position of Zena LTD as at 31 December 2023:

Account	Amount (GH¢)
Debtors	55,000
Creditors	60,000

Additional information from the 2024 budget:

Sales are GH¢250,000 out of which 25% is cash. The sales are evenly distributed and the business gives one-month credit to its customers.
Total purchases of GH¢180,000, evenly distributed, are all on credit. Suppliers allow two months’ credit.

Required:
i) The cash to be collected from debtors during the year.
ii) The cash to be paid during the year.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budgeting, Cash Collection, Creditors, Debtors
Level: Level 1

Topic: Cash Budgeting and Working Capital
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q1a – Marginal and Absorption Costing

Prepares profit or loss statements using both marginal costing and absorption costing methods.

Question

Profit or Loss Statement using Marginal and Absorption Costing
The following data has been extracted from the operating records of Agongon LTD for the last two quarters of the year to 31 December, 2023:

Quarter	3	4
Production units	8,400	10,200
Sales units	6,600	11,400

GH¢
Selling price per unit 120
Variable manufacturing cost per unit:

Direct material cost 24
Direct labour cost 18
Variable overheads 12

Fixed production overheads are budgeted at GH¢144,000 for a budgeted production of 9,600 units per quarter. These overheads are absorbed on a per-unit production basis.

Non-production overheads comprised:

Fixed administration expenses of GH¢48,000 per quarter
Selling and distribution expenses 10% of sales.

Required:
Prepare a statement of profit or loss for each quarter using:
a) The Marginal Costing technique
b) The Absorption Costing technique

Answer

Find Related Questions by Tags, levels, etc.

Tags: Absorption Costing, Financial Reporting, Marginal Costing, Profit, Variance
Level: Level 1

Topic: Marginal Costing and Absorption Costing
Series: Nov 2024

IMAC – MAR 2024 – L1 – Q5 – Forecasting | Standard Costing and Variance Analysis

Calculate daily variations using moving averages and explain interrelationships between material price and usage variances, and labor rate and efficiency variances.

Question

a) BB Importers Ltd has been importing electrical gadgets through the port of Takoradi over the past ten years. Management is aware that the business has been facing seasonal fluctuations but there is no scientific basis for the determination of such variations that can be used to predict future revenue. As a newly recruited Cost Accountant, you have been provided with some past daily sales performance over a three-week period. Details of the sales performance are shown below:

Sales	Monday	Tuesday	Wednesday	Thursday	Friday
Week 1	780	830	890	850	850
Week 2	880	930	990	950	950
Week 3	980	1030	1090	1050	1050

Required:
Using daily moving averages, calculate the daily variation for the company. (15 marks)

b) The reasons for variances might be connected, and two or more variances may arise from the same cause. For example, a favorable variance and an adverse variance might have the same cause.

Required:
Explain the interrelationships between:
i) Material price and usage variances (2.5 marks)
ii) Labor rate and efficiency variances (2.5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Material Price Variance, Moving Averages, Sales Forecasting, Usage Variance
Level: Level 1

Topic: Forecasting, Standard Costing and Variance Analysis
Series: MAR 2024

IMAC – MAR 2024 – L1 – Q4 – Standard Costing and Variance Analysis

Distinguish between joint products and by-products, prepare a process account and income statement for Odotobiri Ltd

Question

a) Distinguish between joint product and by-product. (5 marks)

b) Odotobiri Ltd produces joint products (X, Y) from an identical manufacturing process. In December 2023, 11,000kg of materials were put into the production process. The total costs of processing (direct materials and conversion costs) were GH¢100,000. Output was 6,000 units of product X and 4,000 units of product Y and 1,000 units of a by-product Q. X has a sales value of GH¢24 per unit and Y has sales value of GH¢12 per unit. By-product Q has a sales value of GH¢1 per unit. The company has a policy to apportion joint costs based on sales value at a split-off point. 80% of the output of both X and Y was sold by the month-end.

Required:
i) Extract the Process Account. (6 marks)
ii) Prepare the Income Statement. (4 marks)

c) Controlling through standards and standard costing is a creative technique for company
managers to determine whether the organisation’s resources are being used effectively.
Standard costs are typically determined during budgetary control process because they
employ predetermined standard cost for direct material, direct labour, and factory overhead.
Required:
Explain FOUR (4) uses of standard costing.

Answer

Find Related Questions by Tags, levels, etc.

Tags: By-Products, Income Statement, Joint Products, Process Account, Standard Costing
Level: Level 1

Topic: Standard Costing and Variance Analysis
Series: MAR 2024

IMAC – MAR 2024 – L1 – Q3 – Job Costing

Explain decision-making levels within an organization, sources of management accounting information, and factors for an effective job costing system.

Question

a) Management accounting is the provision of financial and non-financial decision-making information to managers.

Required:
i) Explain the decision-making levels within an organization and state an example each of the kind of decision taken at the various levels. (9 marks)
ii) Explain TWO (2) sources of management accounting information and state an example each of the information to be obtained. (6 marks)

b) One form of specific order costing methods that seeks to attribute costs to jobs is known as job costing.

Required:
Enumerate THREE (3) factors that are necessary to ensure an effective and workable job costing system. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Decision-Making Levels, Job Costing System, Sources of Management Accounting Information
Level: Level 1

Topic: Job Costing
Series: MAR 2024

IMAC – MAR 2024 – L1 – Q2 – Budgeting

Explain the steps in the annual budgeting process, conditions for successful budget implementation, and identify short-term investment options available to Komba Ltd.

Question

Komba Ltd is a manufacturing company that wants to allocate some funds for short and long-term investments. To support this purpose, Komba Ltd is organizing its annual budget preparation for the coming year. Some senior management of the company are wondering what the budgeting process is about and would be interested in having a better understanding of the annual budgeting process.

Required:
As the cost accountant of Komba Ltd:
a) Explain FIVE (5) steps to be involved in the annual budgeting process. (10 marks)
b) State FIVE (5) conditions for a successful implementation of a budgeting process. (5 marks)
c) Explain TWO (2) short-term investments available to Komba Ltd. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Implementation, Budgeting Process, Short-Term Investments
Level: Level 1

Topic: Budgeting
Series: MAR 2024

IMAC – MAR 2024 – L1 – Q1 – Cost and Cost Behaviour

Calculate total cost, unit cost, and profit per unit for a batch of 5,000 units and determine real fixed and variable costs after adjusting for inflation.

Question

a) Atimbila Ltd manufactures a product that goes through various workshops. The following budgeted overheads for the year 2023, based on normal activity levels, have been provided:

Workshop	Budgeted Overheads (GH¢)	Overhead Absorption Base
Forming	360,000	30,000 labour hours
Machining	860,000	50,000 machine hours
Welding	400,000	36,000 labour hours
Assembly	300,000	20,000 labour hours

Selling and administrative overheads are 25% of factory cost.

An order for 5,000 units of the product (Batch 3391) incurred the following costs on 31 August 2023:

Materials: GH¢62,140
Labour:
- 1,280 hours forming shop at GH¢10.50 per hour
- 4,520 hours machining shop at GH¢11 per hour
- 900 hours welding shop at GH¢10.50 per hour
- 1,750 hours assembly shop at GH¢9.60 per hour
An amount of GH¢1,050 was paid for the hire of a special X-ray equipment for testing the welds. The time booking in the machine shop was 6,430 machine hours. Selling price was GH¢150 per product.

Required:
i) Compute the total cost of the batch. (10 marks)
ii) Calculate the unit cost per product. (1 mark)
iii) Determine the profit per product. (1 mark)

b) The following cost and production data relates to the operations of Mawuga Ltd over a two-year period:

Year	Production (units)	Total Costs (GH¢)
2022	50,000	1,700,000
2023	54,000	1,835,400

Between 2022 and 2023, there has been a 5% cost inflation.

Required:
i) Calculate the real fixed and variable costs. (6 marks)
ii) Estimate what the total costs will be in 2024 if it is expected that there will be 4% cost inflation and output will be 56,000 units. (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Batch Costing, Cost Estimation, Overhead Absorption, Real Fixed Costs, Variable Costs
Level: Level 1

Topic: Cost and Cost Behaviour
Series: MAR 2024

IMAC – NOV 2023 – L1 – Q5 – Forecasting | Standard Costing and Variance Analysis

Determine the trend and seasonal variation in sales using moving averages and calculate factors for estimating direct material costs.

Question

a) A company operates from Monday to Friday. Sales data for the most recent three weeks as well as the moving total are as follows:

Day	Sales	Moving Total
Day 1	78
Day 2	83
Day 3	89	420
Day 4	85	430
Day 5	85	440
Day 6	88	450
Day 7	93	460
Day 8	99	470
Day 9	95	480
Day 10	95	490
Day 11	98	500
Day 12	103	510
Day 13	109	520
Day 14	105
Day 15	105

Required:
i) State the length of the cycle. (2 marks)
ii) Using the moving averages, establish the trend of the historical data above. (6 marks)
iii) Calculate the seasonal variation for each day of the week. (7 marks)

b) The value of variances as a control technique for management depends on the reliability and accuracy of the standard costs. If the standard costs are inaccurate, comparisons between actual cost and standard cost will have no meaning.

Required:
Explain TWO (2) factors to be considered by the purchasing department in estimating the direct material costs per unit of raw material. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Direct Material Costs, Moving Averages, Sales Forecasting, Seasonal Variation
Level: Level 1

Topic: Forecasting, Standard Costing and Variance Analysis
Series: NOV 2023

IMAC – NOV 2023 – L1 – Q4 – Accounting for Inventory and Labour | Standard Costing and Variance Analysis

Calculate closing inventory using FIFO and compute direct material price and usage variances for Prekese and Kakaduro.

Question

a) The following data has been extracted from the books of ABC Ltd for the month of October 2023.

Date	Description
2/10/2023	Bought 200 units @ GH₵100 per unit
5/10/2023	Bought 150 units @ GH₵120 per unit
8/10/2023	Issued 120 units
12/10/2023	Bought 100 units @ GH₵90 per unit
20/10/2023	Issued 140 units
24/10/2023	Bought 300 units @ GH₵150 per unit
28/10/2023	Issued 210 units

Required:
Using the FIFO method, calculate the value of the closing inventory. (10 marks)

b) Identify FOUR (4) pieces of information that can be seen on an invoice. (5 marks)

c) Preka body lotion is a product produced from the combination of two materials: prekese and kakaduro. Preka body lotion has a standard direct material cost as follows:

Material	Quantity (kg)	Cost per kg (GH₵)	Total Cost (GH₵)
Prekese	6	15	90
Kakaduro	10	10	100

During period one, 1,000 units of Preka body lotion were manufactured, using 11,700 kilograms of prekese and 10,000 kilograms of kakaduro, costing GH₵98,600 and GH₵78,000 respectively.

Required:
Calculate the following variances for prekese and kakaduro:
i) The direct material price variance (2.5 marks)
ii) The direct material usage variance (2.5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: FIFO, Inventory Valuation, Material Price Variance, Material Usage Variance
Level: Level 1

Topic: Accounting for Inventory and Labour, Standard Costing and Variance Analysis
Series: NOV 2023

IMAC – NOV 2023 – L1 – Q3 – Scope of Management Accounting

Discuss changes in the business environment affecting management accounting, differences between financial and management accounting, and the benefits of a cost and management accounting system.

Question

a) Management accounting can be described as the process of supplying the managers and employees in an organization with relevant information, both financial and non-financial, for making decisions, allocating resources, monitoring, evaluating, and rewarding performance.

Required:
In relation to the description of management accounting provided above:
State THREE (3) important changes that have taken place in the business environment that have influenced management accounting practice. (3 marks)

b) Financial Accounting and Management Accounting share important similarities since both are based on financial information and other quantitative information about business operations.

Required:
Identify FOUR (4) differences between financial accounting and management accounting. (4 marks)

c) Mr. Osei Nyarko, an engineer by training, established Kotmat Ltd three years ago with five employees. His only source of information concerning the performance of Kotmat Ltd has been the half-yearly financial statements, which he receives ten weeks after the end of each half-year. A proposal has been submitted to Mr. Osei Nyarko to install a cost and management accounting system.

Required:
i) Identify FOUR (4) benefits Mr. Nyarko will derive from installing a cost and management accounting system. (4 marks)
ii) Enumerate FOUR (4) types of information which could be obtained from the cost and management accounting system that cannot be obtained from the current system. (4 marks)

**d) State and explain TWO (2) useful pieces of information generated by marginal and absorption costing systems. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Environment, Cost and Management Accounting System, Financial Accounting, Management Accounting
Level: Level 1

Topic: Scope of Management Accounting
Series: NOV 2023

Subject: INTRODUCTION TO MANAGEMENT ACCOUNTING

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

ICMA – Nov 2024 – L1 – Q5b – Budgeting Models and Systems

Explain the benefits of GIFMIS to the government of Ghana.

Required:

You're reporting an error for "ICMA – Nov 2024 – L1 – Q5b – Budgeting Models and Systems"

ICMA – Nov 2024 – L1 – Q5a – Cost Segregation and Estimation

Determine fixed and variable cost components using regression analysis and estimate total cost for a given production level.

Required:

You're reporting an error for "ICMA – Nov 2024 – L1 – Q5a – Cost Segregation and Estimation"

ICMA – Nov 2024 – L1 – Q4b – Day-Rate Incentive Scheme Calculation

Calculates the cost per unit for both low and high day-rate incentive schemes.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q4b – Day-Rate Incentive Scheme Calculation"

ICMA – Nov 2024 – L1 – Q4a – Apportionment of Overheads

Apportion overhead costs across departments based on the most appropriate bases.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q4a – Apportionment of Overheads"

ICMA – Nov 2024 – L1 – Q3d – Fixed Overhead Volume Variance

Explains the concept of fixed overhead volume variance and lists potential causes for such variances.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q3d – Fixed Overhead Volume Variance"

ICMA – Nov 2024 – L1 – Q3c – Material and Labour Variances

Calculates material and labour variances based on given actual and standard cost data.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q3c – Material and Labour Variances"

ICMA – Nov 2024 – L1 – Q3b – Relevant Cost Concepts

Explains two key concepts of relevant cost used in decision-making.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q3b – Relevant Cost Concepts"

ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)"

ICMA – Nov 2024 – L1 – Q2c – Government Budgeting Challenges

Identifies and explains the challenges or limitations in government budgeting.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q2c – Government Budgeting Challenges"

ICMA – Nov 2024 – L1 – Q2b – Working Capital

Calculates total amount held in working capital excluding cash and equivalents.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q2b – Working Capital"

ICMA – Nov 2024 – L1 – Q2a – Cash Collection and Payment

Calculates cash collected from debtors and payments made to creditors.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q2a – Cash Collection and Payment"

ICMA – Nov 2024 – L1 – Q1a – Marginal and Absorption Costing

Prepares profit or loss statements using both marginal costing and absorption costing methods.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q1a – Marginal and Absorption Costing"

IMAC – MAR 2024 – L1 – Q5 – Forecasting | Standard Costing and Variance Analysis

Calculate daily variations using moving averages and explain interrelationships between material price and usage variances, and labor rate and efficiency variances.

You're reporting an error for "IMAC – MAR 2024 – L1 – Q5 – Forecasting | Standard Costing and Variance Analysis"

IMAC – MAR 2024 – L1 – Q4 – Standard Costing and Variance Analysis

Distinguish between joint products and by-products, prepare a process account and income statement for Odotobiri Ltd

You're reporting an error for "IMAC – MAR 2024 – L1 – Q4 – Standard Costing and Variance Analysis"

IMAC – MAR 2024 – L1 – Q3 – Job Costing

Explain decision-making levels within an organization, sources of management accounting information, and factors for an effective job costing system.

You're reporting an error for "IMAC – MAR 2024 – L1 – Q3 – Job Costing"

IMAC – MAR 2024 – L1 – Q2 – Budgeting

Explain the steps in the annual budgeting process, conditions for successful budget implementation, and identify short-term investment options available to Komba Ltd.

You're reporting an error for "IMAC – MAR 2024 – L1 – Q2 – Budgeting"

IMAC – MAR 2024 – L1 – Q1 – Cost and Cost Behaviour

Calculate total cost, unit cost, and profit per unit for a batch of 5,000 units and determine real fixed and variable costs after adjusting for inflation.

You're reporting an error for "IMAC – MAR 2024 – L1 – Q1 – Cost and Cost Behaviour"

IMAC – NOV 2023 – L1 – Q5 – Forecasting | Standard Costing and Variance Analysis

Determine the trend and seasonal variation in sales using moving averages and calculate factors for estimating direct material costs.

You're reporting an error for "IMAC – NOV 2023 – L1 – Q5 – Forecasting | Standard Costing and Variance Analysis"

IMAC – NOV 2023 – L1 – Q4 – Accounting for Inventory and Labour | Standard Costing and Variance Analysis

Calculate closing inventory using FIFO and compute direct material price and usage variances for Prekese and Kakaduro.

You're reporting an error for "IMAC – NOV 2023 – L1 – Q4 – Accounting for Inventory and Labour | Standard Costing and Variance Analysis"

IMAC – NOV 2023 – L1 – Q3 – Scope of Management Accounting

Discuss changes in the business environment affecting management accounting, differences between financial and management accounting, and the benefits of a cost and management accounting system.

You're reporting an error for "IMAC – NOV 2023 – L1 – Q3 – Scope of Management Accounting"

Our offerings

Contact Info

Customer

Get In Touch

NBC Institute

admin